Small-cap stock under ₹100: Mercury Ev-Tech surge after THIS acquisition move
Shares of Mercury Ev-Tech jumped by over 5% to hit the upper circuit at ₹99.26 during Thursday's trading session, compared to their previous closing price of ₹94.54 on Wednesday.
Shares of Mercury Ev-Tech surged over 5 per cent upper circuit to to ₹99.26 on Thursday's trading session, against previous close at to ₹94.54 on Wednesday.
The stock gained after the company announced that it has signed a share purchase agreement with DC2 Mercury Cars Private Limited and Anushree B. Chhabria to acquire equity shares, according to the exchange filing.
The DC2 Mercury has a paid-up capital of ₹3,58,00,000, comprising 35,80,000 equity shares valued at ₹10 each. Meanwhile, Anushree B currently owns 35,79,900 of these shares.
As per the agreement, the Anushree B will transfer 69.84 per cent of their shares, equating to 25,00,000 equity shares, to Mercury Ev-Tech at ₹10 per share. The total transaction value amounts to ₹2,50,00,000. Following this acquisition, the DC2 Mercury will become a subsidiary of the Mercury Ev Tech.
The partnership under the "DC Mercury Cars" brand is anticipated to boost Mercury EV-Tech Limited's market acceptance and fuel substantial business expansion. Before its establishment as a company, it functioned as a proprietorship owned by Anushree Chhabria.
Mercury Ev-Tech stock delivered multibagger returns, soaring by 700 per cent in just two years, 11,400 per cent over three years, and an incredible 27,700 per cent within five years.
About the companies
Mercury EV-Tech Ltd, previously known as Mercury Metals Limited, specializes in producing electric scooters, cars, buses, vintage cars, golf cars, and other electric vehicles in India. With a market capitalization exceeding ₹1,700 crore, the company delivered strong performance in its Q2 FY25 and H1 FY25 financial results.
DC2 Mercury Cars Private Limited focuses on designing passenger and sports cars, as well as customizing existing vehicles. This acquisition holds strategic significance for Mercury EV-Tech Limited, as it aims to capitalize on the expertise of Mr. Dilip Chhabria, a distinguished car designer and the Chief Designer of the target company.
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